Mumbai, The Indian stock market witnessed a freefall on Monday with the BSE Sensex falling over 700 points so far.

The Nifty50 on the National Stock Exchange (NSE) also lost over 200 points to trade below the 9,800 level.

Indian indices fell tracking a decline in the Asian markets, as fresh cases of coronavirus cases surged across the world.

Stocks across sectors witnessed heavy selling led by the finance and banking stocks.

Around 11.30 a.m., Nifty50 on the National Stock Exchange was trading at 9,758.00, lower by 214.90 points or 2.15 per cent from the previous close of 9,972.90.

The Sensex was trading at 33,047.97, lower by 732.92 or 2.17 per cent from the previous close of 33,780.89.

It opened at 33,670.55 and has so far touched an intra-day high of 33,670.55 and a low of 33,005.68 points.

The major losers on the Sensex were IndusInd Bank, ICICI Bank and Axis Bank, while Mahindra & Mahindra was only gaining stock so far.